Starboard Gauges Bristol-Myers Shareholder Support For Celgene Deal

www.oann.com | 2/16/2019 | Staff
k.collazi (Posted by) Level 3
(Reuters) – Activist hedge fund Starboard Value LP has asked a proxy solicitor to probe the level of support among Bristol-Myers Squibb Co shareholders for the U.S. drug maker’s $74 billion deal to buy Celgene Corp, people familiar with the matter said on Friday.

The acquisition would be the biggest pharmaceuticals deal ever and would unite two major sellers of cancer drugs.

Starboard - Celgene - Deal - Sources - Fund

Starboard has not decided whether it would oppose the Celgene deal, the sources said. The fund, run by Jeff Smith, may take no action, the sources added.

Bristol-Myers shareholders will vote on the Celgene deal in April. While Celgene shares are pricing in some uncertainty over whether it will be completed, no major Bristol-Myers shareholder has voiced opposition publicly to the deal so far.

End - Trading - Friday - Bristol-Myers - Cash-and-stock

As of the end of trading on Friday, Bristol-Myers’ cash-and-stock offer valued Celgene at $101.67 per share. Celgene shares ended trading at $90.69.

The sources asked not to be identified because the matter is confidential. Bristol-Myers and Starboard did not immediately respond to requests for comment.

Week - Smith - CNBC - Interview - Starboard

Last week, Smith told CNBC in an interview that Starboard was “certainly interested in the story at Bristol-Myers.” He declined to say...
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